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Monday, May 14, 2012

BREAKING NEWS: Worst retail slump in 17 years - NZ Economy now beyond critical?

After some relative growth, the market did not expect this, the worst quarter decline in retail for 17 years.

The economy is crashing and retail looks like the next mass victim as the service industry falls to pieces as consumers can no longer consume.

Consumers are feeling the pinch, they are going on line to buy cheaper (online shopping has increased), the entire retail industry faces a crashing re-alignment as service is replaced for product. Expect large redundancies as retailers move increasingly on line.

The economy is in trouble, the band aids Key and his corporate clique have put on our hemorrhaging economic situation are now sliding off and their only solution to privatize our assets and implement austerity policies go no where to addressing the realities of poverty and our crumbling infrastructure.

Punishing the poor while borrowing tax cuts for the wealthy is simply not sustainable and the deep cuts in public services are exacerbating the problem. The insult to injury comes when the Government justify this economic mismanagement with a debt bogeyman that is privately owned, not publicly owned.

Like 6.7% of the work force, austerity doesn't work.

No wonder John Key wants two speculate on Gay marriage.



At 15/5/12 3:10 am, Blogger Angryman said...

Clear sign of the masses out there struggling, I wonder if a debt crisis will ensue as the indebted will have no other option but to default on their debts due to the deteriorating conditions, considering so many in this country regardless of how modest their incomes may be has some form of debt.

Last week illustrated this government’s ineptitude with news being dominated by headlines of the government and sex; beneficiaries and contraception, indefinite detention for high risk sex offenders, unfounded remarks by the Conservatives on promiscuity, and Key’s “enlightened” thoughts on gay marriage a copy-cat performance of Obama. The government seems to be working on a “sex sells” campaign to act as a smokescreen from their failure to turn around the economy and growing unemployment.

With the media in this country largely in the government’s pocket it’s hardly surprising.

I hope the new governments in France and Greece are successful in attaining a recovery without the use of austerity, if this should catch on and be successful elsewhere it would paint a pretty picture of how pathetic this government is.

Since Key intends on accommodating his psychopathic Wall Street buddies here, if such a dubious bank such as Goldman Sachs should put its foot in the door here expect an economic disaster.


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